Sunac China expects 2024 loss to widen to $3.5 billion

(Reuters) – Property developer Sunac China said on Monday it expects to report a wider loss for the year ended December 2024, citing lower revenue.

Beijing-based Sunac said it expects to post a loss attributable between 25.5 billion yuan ($3.52 billion) and 26 billion yuan for 2024, compared with last year’s 7.97 billion yuan.

($1 = 7.2357 Chinese yuan renminbi)

(Reporting by Rajasik Mukherjee; Editing by Shinjini Ganguli)